Emerson Electric (EMR) 10-Q 2004 Q3 Quarterly report

Exhibit 12

EMERSON ELECTRIC CO. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)

	YEAR ENDED SEPTEMBER 30,					SIX MONTHS ENDED MARCH 31,
	1999	2000	2001	2002	2003	2004
Earnings:  Earnings before income taxes (a) (b)  Fixed charges	$ 2,064      258	2,192      359	1,650      376	1,622      321	1,452      322	841        160
Earnings, as defined	$ 2,322	2,551	2,026	1,943	1,774	1,001
Fixed Charges:  Interest expense  One-third of all rents (b)	$   199       59	292       67	304       72	250       71	246       76	122         38
Total fixed charges	$   258	359	376	321	322	160
Ratio of Earnings to Fixed Charges	9.0x	7.1x	5.4x	6.1x	5.5x	6.3x

(a)	Represents earnings from continuing operations before income taxes and cumulative effect of change in accounting principle and minority interests in the income of consolidated subsidiaries with fixed charges.
(b)	The operating results of Dura-Line have been reclassified to discontinued operations for all years presented.